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FIFA reveals $20b plan to sell World Cup to group including Trump's son-in-law

From ABC Australia · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • FIFA President Gianni Infantino proposed a $20 billion company to manage the World Cup with private investors, including the Kushner family.
  • UEFA criticized the plan, stating "It is not FIFA's to sell" and questioning the transparency of financial gains.
  • FIFA aims to raise $4.2 billion by selling minority stakes in the new entity, FIFA Forward Enterprise (FFE), to fund development programs.

FIFA President Gianni Infantino has unveiled a plan to create a new company, FIFA Forward Enterprise (FFE), valued at $20 billion, to manage the World Cup and other competitions with private investors. The proposal has drawn sharp criticism from UEFA, the European football governing body.

It is not FIFA's to sell. None of us are the owners of football.

— UEFAResponding to reports of FIFA selling stakes in its competitions.

UEFA stated unequivocally, "It is not FIFA's to sell. None of us are the owners of football." The European body expressed serious concern over the lack of transparency regarding financial beneficiaries and argued that the "soul and governance of football are not assets to trade."

The soul and governance of football are not assets to trade, especially with zero transparency as to who gains financially.

— UEFAExpressing concern over the proposed commercial venture.

FIFA intends to raise up to $4.2 billion by selling minority, non-controlling stakes in FFE. Potential investors include Thrive Eternal, a firm launched by Joshua Kushner, whose brother Jared Kushner is a son-in-law of former U.S. President Donald Trump. FIFA is reportedly working with JP Morgan on this initiative.

This is about the democratisation of football worldwide.

— Gianni InfantinoDescribing FIFA's proposed project in a statement.

Infantino, in a FIFA statement, described the plan as a move towards "the democratisation of football worldwide" and indicated that a consultation process has begun. FIFA plans to offer its 211 member federations the chance to access up to $20 million in one-off capital. However, UEFA urged all national football associations to take the reports "extremely seriously," warning that "this crosses a line that football's governing institutions should never cross."

This crosses a line that football's governing institutions should never cross.

— UEFAWarning about the implications of the FIFA proposal.
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Originally published by ABC Australia. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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